Calvalley Petroleum Inc. announces rights offering and results for first half of 1996.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 12, 1996--Calvalley Petroleum Inc. (ME CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute .A.), a Calgary-based oil and gas exploration and development company whose shares are traded on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg announced today its intention, subject to regulatory approval, to proceed with a Rights Offering to all shareholders of record at the close of business on Thursday, November 28, 1996 who are residents of Alberta, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Ontario and Quebec. The Offering, to be described in a Rights Offering Circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. to be sent to all shareholders of record immediately after the record date, together with a rights certificate where appropriate, will be to acquire one Calvalley share for each 10 shares held as at the record date for a purchase price of $2.00 per share. The Offering will expire 4:00 p.m. Montreal time, Thursday, December 19, 1996. Arrangements will be indicated in the Offering Circular for the sale of Rights of shareholders not resident in the four named provinces. Calvalley also announced that its financial statements for the six months ending June 30, 1996 will be mailed to shareholders with the Circular. Calvalley reported cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $373,000 ($0.01 per share) on net oil sales of $3.2 million for the six month period. The company recorded a net loss for accounting purposes of $1.7 million ($0.05 per share) reflecting the effects of the following non-cash charges; a loss on sale of properties ($2.1 million), depletion, depreciation and amortization ($0.7 million) partially offset by a deferred tax recovery ($0.8 million). During the six month period, the company's production averaged 872 barrels of oil per day (BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ) with an exit rate of 920 BOPD at June 30, 1996. CONTACT: Calvalley Petroleum Inc. Martin Zimmerman, 403/ 297-0490 403/ 297-0499 (FAX) |
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